Revolut investor shrinks valuation by $5bn

A REVOLUT investor has written off billions of its $33bn (£28bn) valuation, two years after the finance app became Britain’s most valuable start-up.

US investor Triplepoint Venture Growth has cut its internal valuation of its Revolut shares by 15pc to $28bn from its valuation in the summer of 2021.

Revolut faced new questions last week when its auditor issued a qualified opinion on its long delayed 2021 accounts. The start-up is yet to secure a banking licence in Britain. Other highprofile fintech start-ups including Checkout.com and Klarna have dramatically cut their valuations recently amid a downturn in public technology shares and higher interest rates.

Revolut has given no indication that it has reduced its own valuation, and unlike rivals that have cut their value, has not been forced to make job cuts or raise new funds to subsidise losses.

Investors often adjust their own valuations of privately held companies, independent of the business itself.

Triplepoint’s markdown is believed to be the first public downgrade of Revolut’s valuation since 2021’s giant fundraising from investors that included SoftBank and Tiger Global.

It made Revolut the most highly valued start-up in Britain, more valuable than NatWest, as well as making its chief executive Nikolay Storonsky a multibillionaire on paper. Rishi Sunak, then chancellor, hailed the company as a “British fintech success story”.

It still remains Britain’s most valuable start-up. A spokesman said: “We do not engage in speculation on our valuation. Revolut has continued to perform strongly in all markets across the globe.”